With mixed macro messages, small-caps, which tend to have high domestic economic exposure, struggle to gain traction. The Russell 2000 remains under its November 2021 high. The sell-side is very optimistic about next year’s earnings, but it is prudent to … Continued
The Russell 2000’s 250-point surge over six sessions took many by surprise, not the least of which are those who were on the shorting side. This also comes at a time of probable economic deceleration ahead and a question mark … Continued
The S&P 500 is on course for a third straight up quarter, with a touch of ‘parabolic’ to it. Buybacks and margin debt have provided a tailwind, although the latter in particular points to a lack of aggressive willingness to … Continued
Unable to push through resistance, major US equity indices took a drubbing in recent weeks. Mid- to long-term, more downward pressure is probable. Near-term, it is looking like a toss-up between bulls and bears. The S&P 500 last week suffered … Continued
Equity bears came up short last week, unable to take benefit of an opportunity to put the bulls on the defensive. Momentum remains with the bulls. With the S&P 500 having already rallied 28 percent from last October’s low, several … Continued
January saw margin debt only inch up, even as the S&P 500 rallied 1.6 percent. This divergence, should it continue in the months ahead, could end up helping equity bears more than the bulls. The S&P 500 opened 2024 with … Continued
The S&P 500 last week joined its peers to break out to new highs. More gains are likely in the near term. Mid-to long-term prospects are dependent on if the recent improvement seen in margin debt and equity flows persists. … Continued
In November, margin debt was up four percent m/m, even as the S&P 500 jumped 8.9 percent. The latter is up another 4.7 percent December-to-date. How margin debt behaves this month will be telling. Equity bulls will need investor willingness … Continued
Equity bears attacked where they could potentially have last week. With technicals in their favor, they will try to make further gains this week. It is up to the tech bulls to stop that from happening. Major tech outfits are … Continued
Near-term, equity bulls may just have wasted an opportunity to put their foot down. Mid- to long-term, both margin debt and share buybacks are no longer a potent tailwind as they once were. FINRA margin debt dropped 2.9 percent month-over-month … Continued